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Old 01-23-2013, 12:35 PM   #21
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You asked for advice, but it doesn't seem like you like the answers. . That's OK, of course.

If you want to be a landlord, I'd read a few books on the ins and outs. We looked very closely at the idea a few years ago and decided not to. The amount of work was too high, and the expected return on our dollars was too low, given the risks. Getting a mortgage is a tiny issue compared to your need to get educated on all the risks, tax implications, and so on. It's not simple, in my opinion. Quick forum answers won't prepare you.

I agree with others that you shouldn't count on your son being part of this equation. What if he wants to move? There are no guarantees. He is no more than one possible tenant in this scenario.

Good luck to you. If you do decide to move ahead, check out your local rental housing association for classes.

SIS
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Old 01-23-2013, 01:33 PM   #22
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You asked for advice, but it doesn't seem like you like the answers
It's not that I don't like the answers, it's just that I don't have them all yet
I suppose I'm looking at it as an investment; my son is just one possibility, at least in the short term. I would not want to tie him down but a year's commitment isn't more than any other landlord would probably require. I know many people, probably many here on this board, who use rental property as part of their portfolio. It's likely we won't do anything (we definitely are not impulsive) but since this came up, I just don't want to discount it without careful consideration.
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Old 01-23-2013, 02:59 PM   #23
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Why would your son, who is now living downtown, want to live in the hill country and presumably commute each and every day? A long commute is the road to poor health and job dissatisfaction (which leads to ER ).

SFHs or condos in the Hill Country are inexpensive and there's still plenty of land. Save your money and buy one outright in a few years for yourself.
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Old 01-23-2013, 03:40 PM   #24
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Old 01-23-2013, 03:52 PM   #25
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Why would your son, who is now living downtown, want to live in the hill country and presumably commute each and every day?
His commute would be much less (something I hadn't even thought about. Thanks). I'm sorry I even bought up my son. That is not even a major consideration; just that it 'might' work out (especially since his friends have now moved to Hill Country).

Did you mean property is "INexpensive"? That's a gut feeling I'm asking for

That's one of the reasons I'm looking into this now, because of the low mortgage rates & potentially increasing property values. We still plan to move there; it's just a matter of 'when'. I love my in-laws but at their age (& poor health) I don't think it's unrealistic to make plans for most likely the near future but then again maybe not... I hope not.
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Old 01-23-2013, 06:34 PM   #26
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Originally Posted by tessaduncan View Post
Did you mean property is "INexpensive"? That's a gut feeling I'm asking for
Compared to Central Austin housing, definitely. Well, if you're not looking for a lot of acres and a 5000 ft^2 McMansion.
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